Newfoundland, Passaic County, New Jersey Property Taxes

Name: Property Tax Bills Across Newfoundland, Passaic County, New Jersey
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Newfoundland, NJ effective property tax rate: 3.99%, significantly higher than the national median of 1.02%, but lower than the NJ state median of 2.82%.
Median Newfoundland, NJ home value: $263,650
Median annual Newfoundland, NJ tax bill: $10,202, $7,802 higher than the national median property tax bill of $2,400.

How are property taxes in Passaic calculated?

Property taxes in Newfoundland, NJ are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Newfoundland’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Newfoundland, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Newfoundland, Passaic County, New Jersey Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.99%

Estimate Property Tax Bill

$10,520

$9,762

Ownwell’s Newfoundland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Newfoundland with just two data points. By entering your property's estimated assessed value, our calculator applies Newfoundland’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Passaic County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Newfoundland, Passaic County, New Jersey

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Newfoundland’s effective property tax rate to other cities in New Jersey and the median property tax rates in New Jersey and the U.S. Newfoundland, located in Passaic County, has a notably high property tax rate of 3.99%, compared to the national median of 1.02%. This means that homeowners in Newfoundland might face significantly higher property tax bills than the national average. The median property tax rate in New Jersey is also higher than the national median, highlighting the state’s overall trend of having elevated property taxes. Understanding these rates can help homeowners make informed decisions about property investments and tax appeals.

Property Tax Rates Across Newfoundland, Passaic County, New Jersey

Source: Ownwell

2.44%

4.07%

5.71%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Newfoundland Tax Rate

3.99%

Median Effective Passaic County Tax Rate

4.57%

Median Effective New Jersey Tax Rate

2.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Newfoundland, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
07435	3.25%	3.95%	3.99%	3.99%	3.99%

Source: Ownwell

Property Tax Assessment Values Across Newfoundland, Passaic County, New Jersey

When examining property taxes in Newfoundland, NJ, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Passaic County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Passaic County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Newfoundland. For example, the median home price in Newfoundland is $263,650, with tax bills ranging significantly across the county. Zip code 07435 has the highest median home price at $263,650.

Property Tax Assessment Values Across Newfoundland, Passaic County, New Jersey

Source: Ownwell

$89,900

$237,000

$384,100

Median Newfoundland Market Value

$263,650

Median Passaic County Market Value

$226,800

Median New Jersey Market Value

$282,900

Median United States Market Value

$235,294

Property Tax Assessment Values Across Newfoundland, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
07435	$198,570	$225,225	$263,650	$307,075	$377,030

Source: Ownwell

Property Tax Bills Across Newfoundland, Passaic County, New Jersey

In Newfoundland, NJ, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, and the tax rate is set by local authorities to meet budget needs. Homeowners in Passaic County face a significant tax burden, with a median property tax bill of $10,202, notably higher than the national median of $2,400. This discrepancy highlights the importance of understanding how assessments and rates impact tax bills. Factors such as property improvements and neighborhood changes can influence assessments, potentially increasing tax liabilities.

Ownwell helps homeowners navigate this complex landscape by offering property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies or overvaluations, Ownwell can assist in reducing tax bills. Their expertise ensures that homeowners pay only what is fair, potentially saving significant amounts annually. With property taxes being a substantial expense, leveraging Ownwell's services can lead to meaningful financial relief for homeowners in Newfoundland.

Property Tax Bills Across Newfoundland, Passaic County, New Jersey

Source: Ownwell

$3,830

$9,088

$14,346

Median Newfoundland Tax Bill

$10,202

Median Passaic County Tax Bill

$9,911

Median New Jersey Tax Bill

$8,227

Median United States Tax Bill

$2,400

Property Tax Bills Across Newfoundland, Passaic County, New Jersey

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
07435	$7,223	$8,597	$10,202	$11,971	$14,885

Source: Ownwell